Bad Economic Data Should be President’s Focus
Bad Economic Data Should be President's Focus
Unemployment Report Shows Weak Economy Slowing Further, Hispanics Faring Worse
(Washington, D.C.) – This morning the Bureau of Labor Statistics (BLS) released the monthly Employment Situation Summary, including unemployment data for the month of August. The economy created 169,000 new jobs, and the unemployment rate fell from 7.4 percent to 7.3 percent. Despite these mildly positive top-line findings, the remainder of the report is largely bad news. According to the BLS, far fewer jobs were created in June and July than had previously been reported. Additionally, 300,000 Americans left the labor market, and the percentage of the population now in the labor market has fallen to its lowest level since 1978 – suggesting many have simply given up on finding work. And with employers now adapting to mandates under the Affordable Care Act (also called the ACA or Obamacare) which discourage full-time work, nearly 8 million Americans are working part time for economic reasons.
The unemployment rate for Hispanics remains far higher than the broader national measure – at 9.3 percent. The rate has actually grown worse in the last four months, rather than better.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
"Today's jobs report confirms, that at best, this economy is standing still. The unemployment rate is virtually unchanged, but 300,000 more Americans have been added to the list of those that have given up. The trend over the last year is that the economic growth is slowing down – not picking up. And this is occurring despite hundreds of billions in federal deficit spending, and the Fed's efforts to keep interest rates down.
It is time for President Obama to acknowledge that the economy is the number one priority for the American people – and to try a new approach. Instead of imposing new regulations and new taxes through the ACA and other intrusive federal laws, it is time to listen to entrepreneurs and job creators. Washington should consider a new agenda – one that unleashes private sector job creation."